HMRC have made another update to their 'Standards for Agents'. The new version acknowledges that if a tax agent is a member of one of the professional bodies that have signed up to Professional Conduct in Relation to Taxation (PCRT) and adheres to its values, HMRC's Standard for Agents should not place further requirements on them. Other recent updates mean that the Standard is now considerably longer than the original version.
SME Tax News
HMRC have updated their guidance to assist non-UK resident companies who have missed the 2023 changes to Corporation Tax and have been applying the wrong rate of tax to their profits.
HMRC are writing to taxpayers who included a provisional Rollover Relief claim in their 2020-2021 Self Assessment return where HMRC has no evidence of the provisional claim being updated with a valid claim. These claims expire on 31 January 2025.
HMRC have released statistics showing a general decrease in the number and amount of investments made under the Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS), Social Investment Tax Relief (SITR) scheme and Venture Capital Trust (VCT) scheme.
HMRC have published new advisory fuel rates for company car drivers, they apply from 1 June 2024.
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The Transactions in Securities (TiS) rules cast an extremely wide snare. In a nutshell, they seek to block Capital Gains Tax (CGT) relief where a shareholder seeks to gain an Income Tax advantage on a disposal of shares (or securities). The First Tier Tribunal (FTT) has released its judgment in a fascinating TiS case.
HMRC have published Agent Update 120 for May 2024. Here is our summary of the highlights in direct and indirect tax announcements affecting SME owners and advisers.
The Prime Minister Rishi Sunak has announced that the general election will be held on 4 July 2024. As a result, ongoing live consultative work with stakeholders will be paused during the pre-election period. 2024 is another interesting year for tax advisers and it's highly probable that any winner of the election will hold an Autumn budget.
Attempts to claim EIS disposal relief on share buybacks were denied by the First Tier Tribunal (FTT). The FTT determined that the Transactions in Securities (TiS) legislation applied because the main purpose of the transaction was to obtain an Income Tax advantage.
When is a loan write-off, not a write-off? One of the oddest Income Tax appeals so far this year concerned a director's claim that his loan has never been written off. The First Tier Tribunal (FTT) found a muddled trail and concluded that company records and minutes were falsified and no write-off had ever occurred.
